Chances are you’ve heard of blockchain. It’s the digital record-keeping technology behind Bitcoin and other cryptocurrency networks.
It’s also one of the key technologies revolutionizing the way supply chains are managed. From providing greater transparency to increasing supply chain reliability, blockchain has demonstrated its potential to alleviate supply chain challenges and minimize disruptions.
Here are seven things blockchain can do for your supply chain.
1. Enforce Supply Chain Standards
Blockchain prevents manipulation and receives immutable data that is transparent and reliable.
2. Enable Data Sharing
Data sharing increases visibility, traceability, and productivity. It can create a stronger level of trust among partners.
3. Prevent Reconciled Invoices
Since data can be calculated in real time and in a way both parties acknowledge, blockchain can cut down on any possible disagreements and eliminate the need to reconcile invoices.
4. Eliminate Accessorials
Freight bill audits and time-consuming conflicts over rates and accessorial charges will also be eliminated.
5. Provide Documentation
Blockchain will facilitate the documentation necessary to prove a product was moved at the right temperature and conditions for food and pharmaceutical traceability. This can be invaluable when product recalls occur.
6. Identify Resources
When companies want to reuse materials instead of constantly consuming new resources, blockchain can help organizations identify materials and track their uses.
7. Streamline Returns
Blockchain can play a key role in reverse logistics and returns. When material comes back, blockchain practices can help confirm products are genuine, origin start, plus loss of custody data, allowing the company to easily consider their resale, disposal, or liquidation choices.
Ready to learn more about what blockchain and other technologies can do for your supply chain? Contact us today—we lead with the tools and technologies that save time and money for other areas of your business!